Weekend Show – Sat 7 Sep, 2019

Hour 1 – A Major Focus On Precious Metals and Bonds

Full Hour

On this weekend show we spend the majority of the hour focused on the precious metals. We look at the charts and stocks while also considering the bond markets roll in the precious metals strength.

I will be at the Beaver Creek Conference all next week so posting will be light. Please keep in touch by emailing me at Fleck@kereport.com if you have any questions for companies at the conference.

I hope you all have a great weekend!

  • Segment 1 – Doc kicks off the show with a long term outlook for gold. Bring up the 15 year monthly gold chart to follow along. We also discuss a couple company charts that need to be considered in the big picture gold price.
  • Segment 2 – Brien Leni, Founder of the Junior Stock Review shares what he is looking for in metals stocks right now. In a rising gold price environment it is easy to get distracted by lower quality companies.
  • Segment 3 and 4 – Jesse Felder and I look at the bond market and overall attractiveness of safe haven assets. While bonds might bounce back the overall trend is what really matters.

Exclusive Company Interviews This Week


Segment 1 – Doc
Segment 2 – Brien Leni
Segment 3 and 4 – Jesse Felder

View related posts on: , , ,

Comments:
  1. On September 7, 2019 at 3:45 am,
    BDC says:

    Thanks for the show!
    Beware: So many folks
    thinking the same way.

  2. On September 7, 2019 at 5:46 am,
    Excelsior says:

    Yes, thanks again to the KER Crew for another great weekend show, and a lot of great interviews earlier in the week. It is appreciated!

  3. On September 7, 2019 at 5:57 am,
    Excelsior says:

    Thursday Selloffs: Mini-Correction or a Trend Change? – Weekly Wrap-Up

    By Craig Hemke – September 06, 2019

    It’s been a wild week in precious metals, but is it a correction or is it a sale? Eric Sprott returns to the Weekly Wrap-Up to break down all the gold and silver news you need, including:

    • Do the fundamentals for gold and silver still look strong?

    • When can we expect gains to show up in earnings per share?

    • The dynamics of a bull market: Where are we now?

    “If you had asked me on Wednesday what I thought, I would have said: Well, it seems obvious to me that the Commercial Banks have lost the game. They realize that if they want to cover their shorts, obviously you’ve got to be on the buy side. But because they were the only seller, where are they going to get the product from? And the losses were becoming incredible. I have their losses at well over $10 billion, you know? That’s not small change anymore.”

    https://www.sprottmoney.com/Blog/thursday-selloffs-mini-correction-or-a-trend-change-weekly-wrap-up.html

    • On September 7, 2019 at 5:58 am,
      Excelsior says:

      ^^ That quote and the interview was with Eric Sprott. Craig is the host on these weekly wrap-ups.

      • On September 7, 2019 at 6:01 am,
        Excelsior says:

        SILVER: Global output to top 1B oz. by 2023

        September 5, 2019 – Canadian Mining Journal

        The company counts nearly 50 projects that will be producing silver as either the primary or secondary commodity. The larger projects that will come online in the next three years include the El Cajon mine (Americas Silver Corp.) in Mexico, the Fruta del Norte mine (Lundin Gold) and Mirador mine in Ecuador, as well as the Oernoe and Udokan mines in Russia. ”

        http://www.canadianminingjournal.com/news/silver-global-output-to-top-1b-oz-by-2023/

        • On September 7, 2019 at 6:19 am,
          Excelsior says:

          While I’m excited to see El Cajon come on board in 2 years for (USA) (USAS) Americas Silver for a great Silver project to expand to what they are doing at their other two Silver/Zinc/Lead mines – San Rafael and Galena, their other focus creating more of a buzz has been them blasting onto the scene as a new Gold producer.

          After USAS acquired Pershing Gold, they decided to fast-track things into production, got the construction ramped up and still underway, and should announce moving commercial production by the end of this year or beginning of next year, so the timing couldn’t be better into a rising Gold price.

          ______________________________________________________

          (USA) (USAS) Americas Silver Announces 250% Increase in Gold Equivalent Reserves, Rebrands to Americas Gold and Silver, and Updates on Relief Canyon Construction

          by @businesswire on 5 Sep 2019

          https://ceo.ca/@businesswire/americas-silver-announces-250-increase-in-gold-equivalent

          • On September 7, 2019 at 6:23 am,
            Excelsior says:

            (USA) (USAS) Americas Gold & Silver – CorporatePresentation – August 2019

            https://www.americas-gold.com/site/assets/files/5276/presentation20190816.pdf

          • On September 7, 2019 at 6:48 am,
            Excelsior says:

            Personally I’ve been following USAS for a long time, since they were Scorpio Mining (SPM), and spun out Scorpio Gold (SGN) back in the last cycle. Right as the bear market was getting ready to bottom Scorpio Mining (SPM) merged with US Silver and Gold (USSIF) that had purchased all the assets of Coeur Silver Valley Inc. from Coeur d’Alene Mines in June 2006, which gave them the Galena mine. In addition, in 2012, U.S.Silver Corporation and RX Gold & Silver merged to create a larger company, and (HL) Hecla tried to buy them back then the but deal was rejected by the board…. thankfully.

            When US Silver and Gold acquired Scorpio Mining – that was when the new team with Darren and crew came on board and when they officially transitioned over to (USAS) (USA) Americas Silver Corp.

            Now, after USAS acquired Pershing Gold (PGLC), which used to be one of the more visibile development stage companies, Americas Silver’s gold production profile will be so large that they they are rebranding as Americas Gold and Silver. Pretty exciting.

            It should be mentioned once again, that part of the successful turn-around strategy for Americas Silver was to optimize the mining methods, reduce bloated headcount, and to decrease their Silver production (SAVING all those higher grade silver ounces for higher prices north of $20) and to expand their Zinc & Lead production while those prices had increased. This was a brilliant strategy, that Silvercorp (SVM) also utilized to become the hands down lowest cost Silver/Zinc/Lead producer on the planet. Americas Silver utilized much of the same strategy and won bigly because of that.

            So while they are wisely rebranding to Americas Gold & Silver with their new massive gold exposure, it should be noted that they still HAVE all those awesome Silver reserves in Idaho and in Mexico for when the time is right to extract them with more focus, and El Cajon that they are completely revamping.

            There are so many Jr mining companies that become roadkill, bloated hogs, lifestyle companies, or lying promotional farces, it is nice to congratulate a company that did all the right things, grew threw acquisition, cut down their costs from one of the highest to one of the lowest cost producers, and became a true Mid-Tier Gold & Silver Producer to be reckoned with.

            Sometimes we get very critical of mining companies, and we need to, but when a company knocks it out of the park like Atlantic Gold, or K92 Mining (prior to the PNG issues), or in this case Americas Gold and Silver, they stand above the rest of pack.

            In addition, after watching Americas Silver since they were Scorpio Mining and US Silver and Gold separately, I still don’t believe they have re-rated as high as they will once more analysts start comparing them against many of their mid-tier peers. They still only have a Market Cap of around $340 Million, but should easily become a $Billion+ company over the next few years.

          • On September 7, 2019 at 7:04 am,
            Excelsior says:

            Take a look at this longer term USAS chart (which I remember this fall from grace), and yes there was a 12:1 reverse split in 2016, but this chart reflects the split-adjusted numbers. For example I remember buying SMNPF @ $.042 on Jan 21st and $.045 on Jan 26th, and then $USAPF at $.084 in Feb, but this chart shows the low at $.48 (which would have been $.04 prior to the 12:1).

            So what I’m saying is the percentage moves on this chart are the same as they were in reality now that it is split adjusted, and it is easy to see how far the prior incarnation (which was so much more inferior and didn’t have 2 active Silver mines and 1 gold mine ramping up with a 3rd Silver mine under works, and 2 large development projects).

            It should be one of the more highly torqued Gold Silver Mid-tiers now on this next move in the Precious Metals cycle.

            http://schrts.co/TueeKVYc

          • On September 7, 2019 at 7:30 am,
            bonzo b. says:

            Thanks, Excelsior and DOC. I own and like USAS too. Which will do the best when gold goes to 5K and silver to 160: USAS, AG, EXK,PAAS, AXU,SSRM, WPM, MUX, HL, AUG, ETHOF, IRVRF, MRRMF, NSRPF, NGD, VGZ, KL, PVG,GORO, DRD, AEM, NCMGY, NEM, OR, SAND, and OCANF? I own all of them as well as FNV, RGLD, DRGDF,EGO,GOLD, IAG, DGMLF, PSLV, CEF, and SILV. Is that enough?

          • On September 7, 2019 at 7:45 am,
            Excelsior says:

            Bonzo Barzini that is a great list of companies in your portfolio, and as to which one will do best, it is hard to know. That’s why I’d rather actively manage my own portfolio and trim and add when I want or cut a position when I want.

            #BuildYourOwnETF

            As for my list of Precious Metals Companies here goes:

            >> Silver Stocks

            First Majestic Silver
            Silvercorp Metals
            Americas Silver Corp
            Endeavour Silver
            Avino Silver & Gold Mines
            Excellon Resources
            Impact Silver Corp
            Santacruz Silver
            Bayhorse Silver
            Alexco Resource Corp
            Kootenay Silver Inc
            Aurcana
            AbraPlata Resource Corp
            Metallic Minerals
            Dolly Varden Silver
            Defiance Silver
            Orex Minerals Inc
            Klondike Silver

            >> Gold Stocks

            Argonaut Gold
            McEwen Mining
            Equinox Gold
            Roxgold Inc
            Jaguar Mining
            Alio Gold
            Mandalay Resources
            Northern Vertex
            Royal Nickel Corp
            Troy Resources
            Bonterra Resources
            Mako Mining
            Anaconda Gold
            Hummingbird Resources
            Comstock Mining Inc
            Blackham Resources
            Mexus Gold
            Inca One Gold
            Minera Alamos
            Pure Gold Mining
            Orezone Gold
            Sabina Gold and Silver
            Falco Resources
            Treasury Metals
            West Kirkland Mining
            Scorpio Gold
            Orefinders
            Brixton Metals
            Regulus Resources
            Balmoral Resources
            Golden Ridge Resources
            Northern Shield
            Sarama Resources
            Osprey Gold

            >>> Royalty Companies:

            Golden Valley Mines
            Sailfish Royalty
            Maverix Metals

            * Is that enough?* (lol)

          • On September 7, 2019 at 7:51 am,
            Excelsior says:

            Those Silver & Gold companies in my portfolio are listed by Producers, then Developers, then Explorers, and mostly matches the weighting inside my personal ETF, with the heaviest weights at the top of each respective list and the smaller more speculative positions further down each list.

            That doesn’t get into all the base metals, uranium, lithium, and specialty metals, but the PMs are the largest part of my Trading portfolio. My Retirement portfolio is a ton of boring Mutual funds and Bonds but they’ve of course done great for the last decade, but I don’t mess around with those very often, but rebalance every 2-3 years based on macro situations.

          • On September 7, 2019 at 8:16 pm,
            Excelsior says:

            (ASM) Avino Silver & Gold Ltd., Precious Metal Mines in Mexico and British Columbia, CEO Clip #VIDEO

            @newsfile on 6 Sep 2019

            https://ceo.ca/@newsfile/avino-silver-gold-ltd-precious-metal-mines-in-mexico

          • On September 7, 2019 at 8:46 pm,
            Excelsior says:

            (EXK) (EDR) Endeavour Silver: Update On Parral And Q2 2019 Results

            Swiss Resource Capital AG – Aug 22, 2019

            https://youtu.be/P8Kemmobbhg?t=1

          • On September 8, 2019 at 8:07 am,
            Wolfster says:

            Should I be concerned that every weekend Ex is doing a bang up job informing everyone of the latest stock I’m still trying to accumulate at a good price…….is big brother watching me???….is Ex really big brother in sheeps clothing????… seriously tho,is it possible that USA is being valued where it’s at cuz it’s still underperforming every quarter and never meeting let alone outperforming it’s guidance……last quarter the AISC was over $16 if I read it right….still burning through cash just like the past….yes going forward things look rosy but until they rid themselves of the perception of management incompetence that the past has created,they will always trade at a perceived discount…..just my take while I try to accumulate in the low $4’s. Lol

          • On September 8, 2019 at 7:47 pm,
            Excelsior says:

            Haha Wolfster – Yes, I’m watching and when I see you put in stink bids, then a red siren goes off on my desk, and go grab their corporate presenation and get to posting… 🙂

            I wouldn’t worry mate, nobody is going to move the price of a stock like USA USAS on a blog or mining forum anyway. My posts are just for infotainment and educational purposes on some interested developments in the miners for our family here at the KER. Also, my buddy Leon over at ceo.ca always beats me to the punch posting cool updates when they break on Americas Silver, so I try to get the word out here as fast as I can mostly because I have “Show & Tell Disorder”. (lol!)

            All joking aside, I’ve just been following this company for a long time, and am happy USAS finally is hitting the big leagues and there aren’t many companies that successfully pull off a great turnaround, so even if folks here aren’t interested Americas Gold & Silver, their pattern of success is somethings other companies could also emulate.

            It seemed worth pointing out their pattern of cutting costs, reducing headcount, improving mining/milling processes, looking at the big picture production strategy from a new a different vantage point, tightening up their share count & getting the dual stock listing, and diversifying jurisdictions are potential options that more companies striving to be Mid-Tiers should at least mull over.

            Cheers!

          • On September 8, 2019 at 7:52 pm,
            Excelsior says:

            Wolfster – by the way, I agree that they’ve not hit their guidance all year, due to a myriad of different factors, but it will be interesting to see when the numbers come in for teh 3rd Quarter if they’ve turned the corner on their AISC and if the higher Silver prices at least nudged them closer to where they projected.

            I also believe that the rising Gold price has still not been fully factored into their oncoming production from Relief Canyon in Nevada. That project was fine at $1250 Gold, but mighty fine at $1500+ gold. That’s just another angle to put into the valuation blender. Ever Upward!

          • On September 8, 2019 at 8:13 pm,
            Excelsior says:

            With regards to #TurnAround stories, even though they’ve had their challenges in the past, I still remain very impressed with steps taken over the last 3 years from (JAG) (JAGGF) Jaguar Mining. They still seem very underrated by the marketplace compared to other Gold miners doing 80K-100K ounces of Gold production per year, and the market doesn’t seem to place any value on their 3rd mining complex on care and maintenance that is starting to look more and more interesting the higher the Gold price climbs.

            If Gold breaks above $1600 in the next 12 months, I would not be surprised at all to see press releases come out that JAG is dusting off Paciencia and that they make plans to sink some funds into it to rehabilitating their mine/mill and get it on the short ramp back into production.

            Ideally if Gold can hang in the high $1400s – mid $1500s for a few months, then Jaguar will finally start making some money at their active producing mines Turmalina, Pilar, and Roca Grande. Some of those funds will be used for further exploration of existing projects, but some may eventually get used for Paciencia in the longer term. Bringing that mine back on would move their production profile back up to 120-130K ounces per year and graduate them back into Mid-tier stature.

            Then again, they’ll likely need to raise a larger sum when the time comes to rehabilitate Paciencia, so that may shed some light on the recent board addition.
            ________________________________________________________________________

            Jaguar Mining Announces Change to the Board of Directors

            by @newswire on 6 Sep 2019

            “Prior to joining the board, Mr. Jeff Kennedy served as the Managing Director Equity Capital Markets and Operations at Cormark Securities Inc. With over 30 years of experience, Mr. Kennedy also served as the CFO of Cormark Securities Inc. where he was responsible for financial oversight, controls and governance of operations. ”

            https://ceo.ca/@newswire/jaguar-mining-announces-change-to-the-board-of-directors

          • On September 10, 2019 at 2:17 am,
            Excelsior says:

            I’m surprised there wasn’t more market buzz about this latest investment from #Sprott into $USAS $USA which allows them to optimize their Galena operations in #Idaho that needed an overhaul and new equipment. It appears to be a synergistic JV for both parties.

            > Americas Gold and Silver Announces Strategic Joint Venture with Mr. Eric Sprott at the Galena Complex
            September 9, 2019 #Silver #Zinc #Lead

            https://www.americas-gold.com/news-releases/2019/americas-gold-and-silver-announces-strategic-joint-venture-with-mr-eric-sprott-at-the-galena-complex/

            “The strategic joint venture – expected to be 60/40 Americas/Sprott respectively – will allow Americas to increase #development, modernize infrastructure, purchase new mining equipment, and target #exploration below current operating areas with the goal of positioning the Galena Complex to significantly increase resources, #production, and reduce operating costs at the mine over the next two years.”

            “We are thrilled to partner with Eric Sprott on this joint venture. He is already the single largest shareholder in Americas; with this new venture, we are further solidifying our relationship with him”, said Darren Blasutti, President and CEO of Americas Gold and Silver. “We look forward to putting his significant investment into developing the Galena Complex to benefit all our stakeholders in the coming months and transforming the Galena Complex into a leading US-based, profitable silver producer.”

        • On September 7, 2019 at 7:10 am,
          Excelsior says:

          Speaking of Scorpio Gold (SGN) (SRCRF) – As Matthew noted earlier in the week, I’m glad they were revived, as for a while I thought they were toast, but they have a new lease on life. SGN got their capital raise, got their permits to proceed with drilling and mining from their prior open pits and 3-4 new open pits in Nevada.

          Scorpio just a press release out recently with an update:

          ___________________________________________

          Scorpio Gold Reports Financial Results for Second Quarter of 2019

          by @accesswire on 28 Aug 2019

          “During the six months ended June 30, 2019, Scorpio Gold raised gross proceeds of $7.0 million from the issuance of secured subordinated convertible debentures by way of a private placement which allowed the Company to eliminate its $6 million senior secured debt with Waterton Global Resources Management in exchange for an upfront payment of $3 million in cash, and resulted in increasing the Company’s ownership of the Mineral Ridge Gold Mine from 70% to 100%.”

          “The Company is now focusing its efforts on re-engaging with lenders who had previously expressed interest in funding the proposed new processing facility at the Mineral Ridge project. This new facility will allow the Company to capture the value in the gold reserves contained in the heap leach pad and unmined portions of the mine. The Company sees potential to increase those resources by further exploration within and outside the area of operations. The Scorpio Gold operating team at Mineral Ridge has proved its excellence over the past eight years and once financed, will build and operate the new processing facility with an expected mine life of at least seven years.”

          https://ceo.ca/@accesswire/scorpio-gold-reports-financial-results-for-second-quarter

          • On September 7, 2019 at 7:20 am,
            Excelsior says:

            Speaking of Gold heap-leach mining operations in Nevada, Scorpio Gold’s neighbors are West Kirkland Mining WKM and they are steadily making progress on going from development into production.
            _____________________________________________________

            (WKM) (WKLDF) West Kirkland Announces Revised Strategic Plan

            @newsfile on 12 Aug 2019

            “The Hasbrouck Gold Project, comprised of the planned Three Hills Mine and the nearby planned Hasbrouck Mine, contains Proven & Probable Reserves of 784,000 gold equivalent oz ”

            “In 2019, the Fraser Institute stated that: “Nevada is the best jurisdiction for investing in mining in the world.” Hasbrouck is located in a safe, historic mining district with a community keen for a new mine. While all key permits for the open pit Three Hills Mine construction and operations were secured in 2016, the Company continues work on permitting the open pit Hasbrouck Mine. The permitting process for the Hasbrouck Mine is on track to obtain federal permits in Q4 2019.”

            https://ceo.ca/@newsfile/west-kirkland-announces-revised-strategic-plan

          • On September 7, 2019 at 7:23 am,
            Excelsior says:

            (WKM) (WKLDF) West Kirkland Mining – Corporate Presentation – August 2019

            http://wkmining.com/_resources/presentations/WKM-Corporate-Presentation.pdf

          • On September 7, 2019 at 2:27 pm,
            Excelsior says:

            speaking of heap leach mining, but this time on an advanced developer in Mexico, Minera Alamos – there was a great post over at ceo.ca from a contributor that attendended the Metals Investor Forum [MIF]:

            ___________________________
            @CautiousNow – $MAI: “We’ve done everything we’ve said we were going to do”

            https://ceo.ca/mai?9ceebf567d43

          • On September 7, 2019 at 11:45 pm,
            Excelsior says:

            “Proven Mine Building Team” Jordan Roy-Byrne talks to Doug Ramshaw of Minera Alamos. (MAI) (MAIFF)

            Metals Investor Forum – (05/30/2019) #VIDEO

            https://youtu.be/ZY8_SooFKCw

    • On September 7, 2019 at 7:32 am,
      Excelsior says:

      Debra Robinson @DebraRo91758510

      “$XAG/USD: Silver on the Daily is still above the 18DEMA, so is more bullish than gold. Looks to me to have bottomed, so I will stick my neck out and say we bounce next week. Corrective move could be north of 20 imo.”

      https://twitter.com/DebraRo91758510/status/1170249138836914176

      • On September 7, 2019 at 7:36 am,
        Excelsior says:

        The world has changed forever, the Fed needs to adapt

        Kitco News – Friday September 06, 2019 #VIDEO

        “The world has seen a “paradigm shift” where nothing is the same as before, and the Fed has difficult choices to make, says Will Rhind, CEO of GraniteShares.”

        “On the one hand you could make the case for, which obviously the president would make, that yes, interest rates are too high and it’s now against the backdrop of almost zero if not zero or negative rates in other countries and the U.S. is at a competitive disadvantage. On the other hand, you could say that even now with the rates coming down, the rates are still very, very low by historical standards and it’s still a nightmare for savers and for anybody that’s looking for income in the market,” Rhind told Kitco News.

        https://www.kitco.com/news/2019-09-06/The-world-has-changed-forever-the-Fed-needs-to-adapt.html

      • On September 7, 2019 at 9:19 pm,
        Excelsior says:

        Silver Price Rises On Strong ETF Demand, Mining Shares Lag – Craig Hemke

        Arcadia Economics – Sep 6, 2019

        “Silver has been rallying, recently reaching past $19 per ounce until a big spike down on Thursday. ”

        “Craig’s one of the more informed silver analysts out there, and he talked about what’s driving the rally, the large additions into the SLV silver trust, and why the Fed is backed into a corner. He also commented on why the shares seem to be lagging in the rally, but how if the silver price even stays where it is, money managers will soon be looking for exposure.”

        https://youtu.be/EqFGm0u6Fpg?t=1

    • On September 7, 2019 at 12:20 pm,
      Robert Moriarty says:

      EX:

      It’s a shame that Eric and Hemke don’t have a clue as to how commodities work. The commercial banks trading for their own account would be classed as large speculators and clearly the large speculators are way long. The commercials are both the users of metals and the mining companies and they are the strongest of strong hands. the miners love selling at tops. The uses love buying at bottoms.

      Gold and silver have moved into the weakest of weak hands and they panicked on Thursday as they always do. I forecast it correctly again.

      But then I understand how commodities and don’t have an agenda. When Hemke passes his Series Seven let me know. Until then he’s blowing smoke.

      The fundamentals are the strongest at tops and the weakest at bottoms.

      We are in a correction and it’s no big deal when the weak hands want to dump gold and silver I’ll be a buyer. The DSI for gold and silver will be below 10 when that happens.

      • On September 7, 2019 at 12:59 pm,
        Matthew says:

        Bob, gold gained another $148 after the DSI hit 96 on 6/24 so I’m glad I stuck it out with my “at least 1560” call for gold.
        I agree that this correction is no big deal.

        • On September 8, 2019 at 5:55 am,
          Robert Moriarty says:

          Matt and you were 100% correct. A DSI OF 96 says a correction is coming but it can be as much as six weeks later.

          Eric is owed a giant thanks by the junior resource market. He was putting him money where his mouth was when no one would touch the junior space. He strikes out a lot but he also hits a lot of home runs. Certainly Kirkland Lake, Novo and Irving have put millions in his pockets when no one else had heard of them.

          I have no time for Hemke. If he disagrees with someone he will lie about what they have said in the past and frankly that pisses me off. But how an accountant can actually believe that gold was suppressed as it rose from $252 to $1923 is beyond anything I can understand. The whole manipulation/conspiracy nonsense should have died a death in 2011. Silver going from $4 in 2001 to almost $50 ten years later was one of the most impressive bull markets of any commodity in history and the sheep were sitting and waiting patiently for it to explode. They finally jumped in in April of 2011 just in time to give all their money away to the strong hands.

          I’m the only person to ever mention it but not a single person in history has ever made a profitable trade just based on a sincere belief in manipulation. You can believe it is important all you want just as you can believe in Santa and the Easter Bunny but it won’t put anything but coal in your stocking hanging on the mantle.

          And the “bullion banks” are not ever the commercials and anyone who talks as if they are doesn’t know commodities.

          • On September 8, 2019 at 9:19 am,
            Matthew says:

            Bob, I can see why someone putting words in your mouth would piss you off. That was the crux of my problem with Birdman, not his bearishness as some liked to assume.

      • On September 7, 2019 at 2:13 pm,
        Excelsior says:

        Thanks Bob M. and yes I agreed with your article that the DSI in Gold, Silver, Platinum were at “nose bleed levels” and that a corrective move was overdue.

        While I agree with you that the commericals that actually use the metals are the smart money and buy at bottoms from retailers bailing at the wrong times, and sell to retail speculators at tops, I don’t dwelll on that much with Eric or Craig.

        I like some of the other areas that they both discuss, and still believe that they both make good fundamental points on the metals in general, and like getting Erics thoughts on the miners he invests in (as I hold a number of the same companies).

        Likewise I like getting your thoughts on the metals and miners and go to your site 321gold several times a week to see what you are posting.

        I believe we can all learn a little from one another, even if we disagree on some points, as it crystalizes our own investing thesis and macro prospectives.

        As always wishing you the best, and really wishing prosperity on everyone from Eric Sprott and Craig, to the commercials and retail herd.

        Ever Upward!

        • On September 7, 2019 at 2:23 pm,
          Excelsior says:

          For those that didn’t read Bob M’s recent piece it worth reviewing. Here is the part I enjoyed best:

          Silver, Gold and Platinum Are Due a Break

          (9/5/19) – Streetwise Reports

          Bob Moriarty of 321 Gold explains what one indicator is showing for the precious metals.

          “The DSI (Daily Sentiment Index) on gold hit 97 four weeks ago and while it has struggled to keep up with its fellow climbers with their burst of speed, both silver and platinum are starting to look shaky.”

          “On September 4th the DSI for silver hit 95 for the 2nd day in a row while platinum vaulted to 94.”

          “Those are nosebleed readings.”

          “With $17 trillion in sovereign debt around the world showing negative interest rates the old saw of “gold doesn’t have a return” has changed to “gold doesn’t lose money for holding it.” Indeed Central Banks around the world have been net buyers of gold for the last ten years.”

          “I suppose I will have to change my tune as clearly the Central Banks have been manipulating gold and I never even noticed. I wonder why no one warned us they were forcing gold higher. Good for them, guys, keep it up.”

          “Gold, silver and platinum will rest for a while but we haven’t seen a top. The upcoming bubble in real money is going to surprise everyone.”

          https://www.streetwisereports.com/article/2019/09/05/silver-gold-and-platinum-are-due-a-break.html?utm_source=delivra&utm_medium=email&utm_campaign=TRR9-5-19&utm_id=37982164&dlv-ga-memberid=131351122

          • On September 7, 2019 at 10:44 pm,
            Excelsior says:

            Bob Moriarty: Central Bank Insanity – It’s Never Been This Corrupt

            Wealth Research Group – Jul 26, 2019 #VIDEO

            https://youtu.be/hZEQqawylu8?t=1

        • On September 7, 2019 at 3:06 pm,
          Bonzo Barzini says:

          Who cares if silver drops $2 or $3 when the upside is $150 to $500? The drop of the last 2 days means as much as a fart in a whirlwind.

          • On September 7, 2019 at 3:09 pm,
            Excelsior says:

            +150 While a fart in a whirlwind still stinks, it passes much faster and is soon forgotten. 🙂

          • On September 7, 2019 at 3:10 pm,
            OOTB Jerry says:

            Ditto BB……..But, what do I know……

          • On September 7, 2019 at 4:13 pm,
            Excelsior says:

            The Missing Piece to the Puzzle

            Mark Yaxley – Sep 7, 2019

            “My experience tells me that we are well on our way. Gold is already in record territory in terms of Euros, Canadian dollars and a number of other major currencies; however, the almighty green back is the ultimate measuring stick, and we aren’t there yet. There is still one piece missing to complete the puzzle….”

            http://www.321gold.com/editorials/yaxley/yaxley090719.html

          • On September 8, 2019 at 8:43 am,
            Excelsior says:

            Savvies Were Aware of the Near-Term Risk for a Pullback in Gold and Silver

            by TraderStef | Sep 7, 2019 | Breaking News, Precious Metals, Technical Analysis

            “CoT myth totally busted. As I said weeks ago, in an impulsive bull market rally, ignore CoT extremes. They are actually required – just look at historic data and learn.” – NorthStar, Sep. 4

            “Veteran traders know no market’s price goes straight up or down.. In fact, periodic significant corrections in price are a healthy element that suggests uptrend can continue. A price spike w/no correction suggests big upside will likely be short-lived.” – Jim Wyckoff, Sep 5

            “The price action that led to the following analysis is a culmination of a year of charting for all of the savvies who follow my work. The monthly chart remains bullish long-term but is in the process of taking a breather and a consolidation as noted in the previous monthly analysis. The $38 pullback at the end of the week confirmed that analysis.”

            “The pattern that has taken hold is an Up Channel with a bearish Plunger candlestick (aka Shooting Star) print for the last week of August. Whether the $38 breather is the beginning of a larger pullback before consolidation takes place will be determined by the September news cycle. I posted an hourly gold chart on Twitter on Aug. 29 that pointed out a fractal on the chart that implied a correction was in the making. The price action made a stellar attempt at reaching the $1,586.65 Fibonacci, but no cigar. With the weekly close at $1,519, the $1,526 Fibonacci resistance is back in play. The DMI-ADX at 65 is approaching overbought territory, the StochRSI is threatening a break to the downside after bouncing along overbought territory since June, the Money Flow is rolling over, and the Volume printed lower than the peak in June for a second time… Caution is warranted in the near-term until a price consolidation takes hold and a price pivot to the upside with conviction takes place.”

            https://www.crushthestreet.com/articles/precious-metals/savvies-were-aware-of-the-near-term-risk-for-a-pullback-in-gold-and-silver

    • On September 7, 2019 at 3:54 pm,
      Excelsior says:

      Here’s a good list of all the companies attending the upcoming Beavercreek mining conference:

      https://www.precioussummit.com/event/2019-summit-colorado/?section=companies

      • On September 7, 2019 at 11:47 pm,
        Excelsior says:

        I’m looking forward to all the company videos, individual interviews, and information that will be coming out of Beavercreek this year.

        Also, many companies may be putting out press releases this week to get in front of this important mining show, so it will be key to keep an eye on the news.

        Ever Upward!

  4. On September 7, 2019 at 7:30 am,
    Excelsior says:

    Market Report: Overbought precious metals see profit-taking

    By Alasdair Macleod -September 06, 2019

    “Gold and silver had a remarkably strong performance before a sharp mark-down yesterday, which continued into early morning trade in Europe. Gold was down a net $14 on the week at $1505, and silver down 26 cents at $18.14. Wednesday saw highs of $1557 and $19.65 respectively.”

    “The reasons cited for yesterday’s reversal were a report that Sino-American trade talks would resume, the Fed would only cut the Fed Funds Rate by 0.25% (not 0.5% – but a cut this size was not expected anyway), and some upbeat employment figures. But the fact of the matter is gold and silver had become very overbought and vulnerable to profit-taking.”

    https://www.goldmoney.com/research/market-updates/market-report-overbought-precious-metals-see-profit-taking

  5. On September 7, 2019 at 7:37 am,
    pardu says:

    Doc, as you have sensed that the PM’s will give us a better buying opportunity later in the year what level do you think gold and silver will drop down to before there is an opportune time to buy? Also, what level are you planning to buy at for McEwen and Yamana? I have both of these and would like to get more if there is a good entry point. Thanks Doc

  6. On September 7, 2019 at 9:39 am,
    cmc says:

    Thanks for your update, Doc! You’re indeed my favorite analyst here. Your long term interpretations are the best. I am disappointed somewhat that the PM stocks are lagging and didn’t expect that, but our dog will soon have its day.

  7. On September 7, 2019 at 11:29 am,
    Matthew says:

    It’s not popular to point out such details around here but Doc being “pretty spot-on since 2011” includes being dead wrong on the eve of the gold crash of 2013 just like everyone else. Listen to the Feb. 4, 2013 interview for yourself.
    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&st=2012-01-10&en=2015-12-16&id=p81262317489&a=422931440

  8. On September 7, 2019 at 3:38 pm,
    Excelsior says:

    White House Considering Direct Purchases of U.S. Mined Uranium

    Ari Natter – 11 hrs ago

    “The White House is considering a plan that would have the government directly purchase uranium from U.S. producers as it contemplates ways to revive the flagging domestic mining industry.”

    “A group set up by President Donald Trump to study the issue is considering a request by the nuclear industry to use the Defense Production Act, a 68-year-old Cold War-era statute once invoked by President Harry Truman to help the steel industry. The plan calls for requiring the government to buy American uranium to replenish their stockpiles and for other purposes, Paul Goranson, chief operating officer for Energy Fuels Inc., said in an interview.”

    “Energy Fuels and Ur-Energy Inc. unsuccessfully petitioned the White House to put quotas on foreign imports of uranium. The concept of direct government purchases of U.S. uranium was among ideas discussed during a roundtable with administration staff and the nuclear industry at the Old Executive Office Building earlier this week, Goranson said.”

    “They seem receptive to direct purchasing of material,” Goranson said. “The president intends to take bold action on this. It’s got his attention now.”

    https://www.msn.com/en-us/finance/markets/white-house-considering-direct-purchases-of-us-mined-uranium/ar-AAGUIyX

    • On September 7, 2019 at 3:51 pm,
      Excelsior says:

      ^^ This is pretty big news for US Uranium miners and I’m surprised very few are discussing it on any forum.

      • On September 7, 2019 at 4:10 pm,
        Excelsior says:

        This is also pretty big news for the Uranium miners in general:

        Cameco may cut uranium output further as demand stalls

        Reuters | September 5, 2019

        “From a $140/pound high in 2007 and about $70 just before Fukushima, uranium fell to a low of $18/lb in 2016 and has since recovered slightly to $25 today as miners cut output.”

        “We are not restarting mines until we see a better market and we may close more capacity, although no decision has been taken yet,” Cameco CEO Tim Gitzel told Reuters at the WNA’s annual conference.

        https://www.mining.com/web/cameco-may-cut-uranium-output-further-as-demand-stalls/

      • On September 8, 2019 at 7:17 am,
        OOTB Jerry says:

        I serious doubt…….there are many on this site and other sites, that even pay any attention to uranium…..The CROWD…..is usually asleep…..
        Glad , you have taken the time to alert the KER .

        • On September 8, 2019 at 7:19 am,
          OOTB Jerry says:

          Remember, the other day, I said ,……..you were playing with the BIG BOYS…. 🙂

          • On September 8, 2019 at 7:33 am,
            OOTB Jerry says:

            Further signs……no one is paying attention to is the cia shadow govt,(deep state)
            which involves Hilly, Billy, Frank, Mueller, Barr, Kissinger……families going back to 1947.
            This is going to get interesting……More to the story and most are asleep.

          • On September 8, 2019 at 7:37 am,
            OOTB Jerry says:

            Tid bit……….Mueller /Cabel family……involved in JFK…….?
            What is Mueller’s wife’s maiden name, who was the Mayor of Dallas in 1963,
            Who was the Intelligence officer under Dulles, 1963…
            Who handed off the Yellow Cake, under Hilly , Billy, Uranium One…. 🙂

          • On September 8, 2019 at 7:54 am,
            OOTB Jerry says:

            This is just the tip …..Mueller family goes way back into the corruption….
            https://www.zerohedge.com/news/2019-09-07/mueller-helped-saudis-cover-involvement-911-attacks-lawsuit
            Who was the FIRST HEAD OF THE ATOMIC ENERGY…..

          • On September 8, 2019 at 8:55 am,
            Excelsior says:

            Understood, the front-line “Big Boys” are the DOE, the US based Uranium companies, and the Trump administration. These organiztions are just pawns under the control of the real “Big Boys” of the Deep State – (Council on Foreign Relations, Trilateral Commision, Council for the America, United Nations, Bilderberg Group, etc…).

            Completely Understood.

            What is significant about this news for investors is that if the US starts buying strategic reserves from US Uranium companies, they will outperform the rest of the globes companies as an overall theme.

            For now…. The Big Boys may be serving up a big win to those properly invested.

            https://sandwichtalk.files.wordpress.com/2011/09/bobs-big-boy-statue.jpg

          • On September 8, 2019 at 9:59 am,
            OOTB Jerry says:

            Ex……point well taken…….
            What is significant about this news for investors is that if the US starts buying strategic reserves from US Uranium companies, they will outperform the rest of the globes companies as an overall theme.

          • On September 8, 2019 at 8:18 pm,
            Excelsior says:

            Thanks OOTB. Yes, we’ll need to see the follow-through from this aministration into actual policy, but this could be a very nice tailwind for US Uranium miners.

        • On September 8, 2019 at 8:51 am,
          Excelsior says:

          OOTB there have been a number of posters here at the KER commenting on Uranium stocks all year long and over the years, and Cory has interviewed a few companies and industry pundits on the state of the Uranium market this year and last year, so it seemed worth posting for those that follow the sector.

          The petition from Energy Fuels (UUUU) and Ur-Energy (URG) the 2 primary US based Uranium producers was on the entire industry’s mind, as the United States is the largest buy of Uranium and has the largest Nuclear energy fleet of reactors, government installations, and nuclear submarines on the planet.

          The US Uranium stocks crashed by 40% when the news broke that the Section 232 petition was declined in favor of a 90 day working group. This was a huge overreaction by the marketplace, and now President Trump’s administration has plans calling “for requiring the government to buy American uranium to replenish their stockpiles and for other purposes.”

          This will be a huge boon to US Uranium producers like UUUU and URG and developers like UEC and AEC, for those that have the eyes to read what is going on. Pretty big news!

          • On September 8, 2019 at 9:55 am,
            OOTB Jerry says:

            Ex…..I have no problem with the sector…….some will make a lot of money….
            Reminds me of 1979…energy ….and the DOE…

          • On September 8, 2019 at 10:04 am,
            OOTB Jerry says:

            There were many in 1979, who were crushed, with the enactment of the DOE, under Reagan
            When the govt gets involved, there is more to the story, than what is printed…..

          • On September 8, 2019 at 6:17 pm,
            Excelsior says:

            Good points OOTB. Yeah, the Uranium market is a unique one in the energy and commodities sector in that the goverment in the US has such an effect on the global market, and that governments around the world can make drastic decisions (like what happened post Fukushima in Japan, or Germay) that affect the demand equation. China is moving things the other direction with more demand.

            It is an odd and somewhat risky market to invest in the Uranium miners, and while there have been 3-4 good rallies in the last handful of years, the overall trend has been down and bottom dwelling which has been less than exciting.

            Still, the few remaining companies can have so much torque that even a small rally in the Uranium price produces outsized gains in the miners.

            There doesn’t seem to be any rush to get into the U sector, but I’ve got 5 positions in place to capitalize on any upside swings, and it is heavily weighted towards US companies due to these macro fundamental developments as noted above.

            We’ll see how it goes….

  9. On September 7, 2019 at 11:31 pm,
    Excelsior says:

    Rick Rule – Math Is Showing Coming Tremendous Demand For Gold and Silver

    Silver Bullion TV – Sep 4, 2019 #VIDEO

    https://youtu.be/ghtE9VPGNP4?t=1

  10. On September 8, 2019 at 2:07 am,
    Excelsior says:

    Lawrence Lepard @LawrenceLepard

    “Gold in Yen terms. Largest cup and handle with breakout ever?”

    https://twitter.com/LawrenceLepard/status/1170332056691314693

  11. On September 8, 2019 at 8:44 am,
    Excelsior says:

    Dr. Marc Faber of the Gloom,Boom and Doom market report was a guest on This Week in Money starting at 7:00min mark #China #HongKong #Gold #Silver #Socialism

    https://www.howestreet.com/2019/09/07/this-week-in-money-199/

  12. On September 8, 2019 at 3:56 pm,
    Dick Tracy says:

    Marathon Gold, Atlantic Canada’s largest producer (200,000 ounces yearly) announces $20 million bought deal Private Placement. Cannacord, Sprott, and Franco Nevada are buyers. DT

  13. On September 8, 2019 at 8:31 pm,
    Excelsior says:
  14. On September 8, 2019 at 8:43 pm,
    Excelsior says:

    Silver down bigly in overseas trading – down to $18.16.

    If Silver keeps getting pummeled and if that is paired with further fishing line drops in the Silver miners, then I’m going to have to look through the couch cushions and find some spare change to throw at a few positions this week. 😉

    https://i.dailymail.co.uk/i/pix/2012/12/14/article-0-1682B870000005DC-246_634x431.jpg

  15. On September 9, 2019 at 4:45 am,
    Marty says:

    My deepest sympathy & regards, Bob Moriarty, for your dearest loss this weekend of your spouse& partner.

  16. On September 9, 2019 at 5:24 am,
    OOTB Jerry says:

    I AM POSTING THIS WITH RESPECT………………
    OUR PRAYER go out to Bob in this time of loss……..
    May God be with you and your family Bob……
    RIP Barbara Moriarty: It is with the greatest regret…
    Bob Moriarty
    Sep 9, 2019

    It is with the greatest regret that I say that my darling wife of twenty-nine years, Barbara Moriarty, had a massive heart attack this morning and died. She was the genius of 321gold. She leaves me, her daughters and grandchildren heart broken. All those who knew Barbara loved her. She will be greatly missed.

    • On September 9, 2019 at 6:12 am,
      Matthew says:

      Bob, I am very sorry for your loss.

  17. On September 9, 2019 at 5:57 am,
    Dick Tracy says:

    Bob M, I just read the sad news of your wife’s passing, sincere sympathy’s. DT

Share Your Thoughts:

Name (required):
Email (required):
Comment:
All comments must comply with our Terms of Use.